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Iran Gold Jewelry Demand Up: World Gold Council

According to the World Gold Council, Iran and Kuwait were the only Middle Eastern countries that showed higher gold jewelry demand last year. Even after bar and coin demand in the oil-rich region more than doubled, to 40.5 tons, last year, the market “remains a shadow of its former self,” with average annual demand of about 70 tons in 2007 to 2016, the council said.

Saudi Arabia, the region’s biggest buyer, bought 45.7 tons of gold jewelry last year, down 8%, according to the report. Iran came close to beating Saudi Arabia with jewelry demand of 45.4 tons, up 12% for the year and the most since 2013, the council said. Demand slowed in the fourth quarter, with a gain of 2%, as “worsening US.-Iranian relations undermined consumer sentiment,” the council said. Kuwait’s gold jewelry usage climbed 4%to 13 tons, while Egypt’s purchases slumped 14% to 22 tons, according to the report. - Bloomberg